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Wednesday, 27 January 21
MARKET INSIGHT - INTERMODAL
 As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently their emissions, so as the shipping industry. The IMO has set some goals regarding the decarbonization of the industry; the most challenging is to start replacing current marine fuels with greener, more efficient and eventually by 2050 eliminate the Sox and NOx along with GHG emissions.
The first stage of the plan was to cut down the Sulphur content of fuel oil to below 0.5%. Owners had the option to install scrubbers or from 1.1.2020 they had to comply and use only VLSFO. A year later it appears that Owners/Physical suppliers and Refineries were perfectly aligned to provide required quantities of VLSFO available almost everywhere in the world without disrupting the chain of global trade, thus proved from the fact that the spread between LSMGO and VLSFO was considerably small from the first few months.
Moving forward to cleaner, greener and more efficient marine fuels we identify three different pathways, 1) light gas, 2)Heavy gas and alcohol & 3) Biofuel. Due to current limitations on technology, ship designs and lack of expertise, it is anticipated to have petroleum-based fuels till 2050 at a market share of almost 40%.
Light Gas – LNG is cryogenic liquid that needs to be cooled and can be stored under ambient pressure, it is slowly but steadily increasing and is projected to have tripled to about 3000 units by 2030. Issues the industry needs to cope with are that not all ports have established local regulations and all necessary equipment/expertise to handle LNG, which actually limits the availability of the fuel.
Heavy gas and alcohol – LPG, is mainly consisted by propane and butane with small fractions of propylene Its available in large and scale and its economically attractive, worth to mention that it’s a liquid with very low handling requirements. In case of any leakage, it’s not harmful to soil and water. Alcohol, Methanol is attractive as marine fuel as its liquid in ambient conditions and simplifies the storage on board – it doesn’t not contain sulfur and little modification is required to engine and fuel supply system compared to LNG. Main issue that arises is the low energy density that keeps it less attractive for deep sea vessel, as it required 2-3 times higher frequency off bunkering than fossil fuels.
Biofuels – are produced by biomass, plants, waste oils and agricultural waste. Yield from the catalytic process of biomass has properties comparable to diesel oil and require minimum to no change to marine engines or their fuel delivery systems. The most usual component of biodiesel is fame (fatty acid methyl ester), widely provided blend of biodiesel consists of 7% of fame, but Owners / Engine manufacturers are currently experimenting with richer blends that vary from 20% up to even 100% of fame.
Looking further ahead Ammonia is an option as a zero-carbon and sulfur marine fuel if produced renewably and can contribute to reduction of GHG emissions. Its physical and chemical characteristics make it a suitable marine fuel as it’s a component used in industrial and agricultural makes it affordable and logistically attractive. It needs to be kept under pressure, but it can stay liquid in ambient temperatures. Specific modifications are required for ships that will use ammonia for propulsion as its lower energy density requires more quantity of fuel.
Recently Furetank Rederi had delivered the 7th ship out of a series of 8 that will be dual fuelled; vessel will run on LBG (Liquefied biogas) and LNG. The specific unit is the first one to perform discharge operation by using only electricity from shore. In addition, it is estimated that the ship will have 55% lower emissions of CO2, 86% of Nitrogen oxide, 99% of Sulphur oxide, and 99% of particles. Avin International has placed their first Suezmax order that will be ammonia ready.
It is becoming more and more apparent that owners have showed their intentions to minimize their emissions by experimenting with biodiesel mixtures, placing LNG/Ammonia ready new buildings.
By Dimitris Kourtesis
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Australian Coal Association
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Posco Energy - South Korea
- The Treasury - Australian Government
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
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